If you work in the business of sales then you may have PRM, which stands for Partner Relationship Management and PRE, which is Partner Revenue Enablement. If you aren’t quite sure of the difference between the two or if you want to find out more, then you can find out everything you need to know, right here.
What is PRM?
In a lot of ways, PRM is essentially an extension of a digital service. Customers can easily initiate their online ordering experience online. PRM gives dealers or even channel partners the chance to register their leads as well as giving them the chance to request quotes for much more complicated purchases. When you look at the B2B sector, you will soon see that companies are now realising that they need a higher level of access so that they can track enablement and quotes so that rapid order placement can be achieved. PRM resides in the same interface, so channel partners can easily benefit from the digital experience.
What does a PRM do?
Partner Relationship Management is a tool that gives you the chance to channel your managers and your marketers. You can connect them and automate everything you need with a single tool. PRM is a gateway that is designed to serve your channel partners alone. Lots of Fortune 500 companies drive one-third of their sales through channels, and 80% or more of their revenue through channel partners. This is why PRM is so crucial.
What is a Partner Portal?
A partner portal gives you the chance to log into their portal. This is done through a separate website. Partners can only see the data that you have chosen to make available to them. On top of this, partners can only manipulate data if you give them the right permission. If your company has a partner program, then there’s a chance that you have also instituted some kind of relationship with them to keep track. You may also be looking for ways to leverage those relationships so that you can boost your revenue. This is when PRE comes into play. With tech playing a bigger role than ever in sales, it’s now vital for you to start using it to your advantage. According to Google, 60% of customers state that they research a product online before buying it. If you can give your partners access to your customer data and their leads, you can capitalise on this digital movement and close more sales in general.
Partner Relationship Management VS Partner Revenue Enablement
Partner relationship management does what it says on the tin. It’s the management of the agreement you have with your companies. It’s a fantastic way for you to track the goals that you have set and it also means that training and workflow can be incorporated with ease within the existing framework. Partnership revenue enablement is all about giving your partners the power they need to do a good job. It gives them everything they need to sell your product and it also helps you to increase your revenue too. It invites teams to join in with the vision that your brand has and it also gives them a playbook so that they can see where they fit in your plan while also giving them the tools they need to complete the sale.
Technology makes it much easier to execute things, but you have to make sure that you choose the right form of tech. PRM software is not the same as PRE software. A lot of the popular PRM options out there provide tracking for your relationship. They give you the chance to share your process, your sessions, training and more. The top PRM solutions out there are incredibly robust and they give you the chance to manage everything you need across the board. The robustness can easily work against your bottom line and if you do not have the proper engagement or enablement in place then you may find that you are not able to represent your brand in the same way that your team does. When partners do not have a playbook that is easy to follow, they are far more likely to ignore your offerings and they will seek out ones that are easier to sell. These partners may well end up seeking out other partnerships or they will impact your own revenue, this is purely because they do not have the tools or the resources they need to make that solid connection on your behalf.
In contrast, PRE software addresses this issue and it also greatly simplifies the sales process. The best type of software solution is one that is time-saving as well as one that makes conversions much easier for you and your partners. Of course, this happens to include giving your partners access that they need to co-branded or even multi-channel campaigns. It also means putting full landing pages that are scalable, with a primary focus on marketing and requirements. Tracking and performance metrics will help you to see how partnerships are able to lead revenue for your company in general too.
The right software has to be scalable, as it will help you to have a much bigger capacity for even more partnerships. Features that include automatic campaigns and even engagement metrics will help you to free up your staff so that you can spend more time developing the relationships that matter. This will help you to free up your revenue and it will also make it much easier for you to capitalise on the results you achieve. When revenue from your relationship matters, you have to make sure that you have some kind of PRE system in place. Give your most trusted partners the chance to access the right software, so that they can manage the campaign and ultimately produce the leads you need.